From what I understand it is actually a touring stage show. It has been run in the UK and in South Africa. This is what I gathered when the sponsorship prop crossed my desk last year.

Needless to say I did not approve....

They do things like play car soccer (like to see that with aussie rules!) and other wanky stuff. And your dead right about the lack of truely exotic cars in Oz. The only reason why i am looking forward to Clipsal this year is because of the Bugatti Veyron. I just want to see one in the flesh.

Actually that's not true - I just want to drive one - but seeing will have to be the next best thing!

I read somewhere that there were drums full of applications, if you look at the subscription rate for the various motorsport categories around australia you'd imagine there might be a fair few reasonable entries. Anything's gotta be better than a lot of the cringingly bad ones showing up on youtube, gah.